Kumho Tire to invest more in Viet Nam

SEOUL, November 20 (AJP) - South Korea's Kumho Tire is reviewing the possibility of expanding its factory in southern Vietnam next year, nearly three years after initiating the second phase of expansion in 2021. With this new expansion, the Korean tire manufacturer aims to increase the factory's annual production capacity to 17 million units or more by the first half of 2026, a 36 percent increase from the current capacity. According to authorities in Binh Duong Provinc

November 20, 2024

BYD's success in Korean market depends on localization

SEOUL, November 20 (AJP) - China's largest automaker BYD is set to enter the Korean electric vehicle (EV) market in early 2025. While the Shenzhen-based company has been operating in South Korea's commercial vehicle sector since 2016, its foray into the passenger car market is anticipated to be more challenging. BYD plans to introduce its mid-sized Seal sedan and Atto 3 SUV as its flagship models in Korea. The Seal model, currently priced between 149,800 yuan (US$20,700

November 20, 2024

Samsung to unveil extended reality platform by year-end

SEOUL, November 19 (AJP) - Samsung Electronics plans to unveil its Extended Reality (XR) platform by the end of this year, with a potential device launch in the third quarter of 2024, industry sources said on Tuesday. TM Roh, head of Samsung's Mobile Experience (MX) division, announced at the Galaxy Z Fold6 and Flip6 Unpacked event in Paris last July that the company would "create the ecosystem first before launching the device," suggesting the platform will focus on

November 19, 2024

CJ CheilJedang will work with Morgan Stanley to sell bio division: reports

SEOUL, November 19 (AJP) - South Korea's leading food manufacturer CJ CheilJedang has selected Morgan Stanley as the lead manager to sell its bio business division, according to media reports. The sale, reported by the Investment Bank on Monday, could fetch several trillion won with the proceeds expected to be used for future mergers and acquisitions to strengthen the company's global food business operations. The move comes as part of CJ CheilJedang's broader strat

November 19, 2024

Lotte Group plagued by rumors of liquidity problem

SEOUL, November 19 (AJP) - Lotte Group's major listed subsidiaries saw their stock prices stabilize one day after a sharp decline, triggered by rumors of a liquidity crisis. On Nov. 16, two YouTube channels posted videos about Lotte Group's supposed crisis, with rumors claiming the company would declare a moratorium and lay off 50 percent or more of employees in its retail subsidiaries next month. These rumors led to a sell-off of Lotte Group's stocks, with Lotte G

November 19, 2024

Hyodol's caregiver robot selected into state-run startup procurement platform

SEOUL, November 19 (AJP) - An artificial intelligence-powered companion robot developed by Hyodol has been selected as a supplier on a state-run platform dedicated to supporting innovative products from startups, the Korean robot maker said Tuesday. The platform, called Venture Nara, is operated by South Korea's Public Procurement Service to help startups and venture businesses. Products with excellent technology and quality are evaluated and designated as innovative startup p

November 19, 2024

Korea Zinc's high-nickel precursor designated as 'national core technology'

SEOUL, November 18 (AJP) - The South Korean government designated Korea Zinc's high-nickel precursor technology as a "national core technology" on Monday amid the ongoing management dispute between the world's largest smelter and its major shareholders, Young Poong and MBK Partners. National core technologies are crucial to a nation's economic and security interests. They are subject to strict government oversight to prevent their export and potential misuse

November 18, 2024

Korea, Peru sign deals to strengthen defense ties

SEOUL, November 18 (AJP) - The governments of Korea and Peru signed a series of memorandums of understanding (MOU) on defense cooperation in the land, sea, and air sectors during the summit of their leaders at the Peruvian presidential palace. South Korean President Yoon Suk Yeol and Peruvian President Dina Boluarte signed a joint declaration during their summit on Saturday, held alongside the Asia-Pacific Economic Cooperation forum in Lima. Defense Acquisition Program Administrat

November 18, 2024

Naver signs joint venture deal with Saudi housing agency

SEOUL, November 18 (AJP) - Korean tech firm Naver signed a memorandum of understanding (MOU) with Saudi Arabia's National Housing Company (NHC) to establish a joint venture, the company said on Monday. The agreement, signed during the Cityscape Global 2024 event in Riyadh, will focus on operating digital twin platforms within Saudi Arabia. The National Housing Company (NHC), which handles 70 percent of Saudi Arabia's real estate transactions, will partner with Naver to

November 18, 2024

LG Display plans $1 billion additional investment in OLED plant in Viet Nam

SEOUL, November 18 (AJP) - LG Display received approval from Viet Nam's Haiphong city authorities on Thursday to invest an additional 1.39 trillion won ($1 billion) over the next five years in its OLED module factory, bringing the company's total investment in Viet Nam to 7.88 trillion won ($5.65 billion). The investment aims to stabilize OLED production operations at the company's Haiphong facility, which was completed in 2017, and strengthen its OLED business competi

November 18, 2024